When the State Giveth, and Taketh
22nd February 2016
When public college foundations ask for donations, they tell a familiar story: state funding is tight, and donors can help support the community. Their dollars fund scholarships, buildings, academic programs. And almost always, the foundations’ money goes directly to the colleges they support.
But in Rhode Island, Governor Gina Raimondo has other ideas.
It started with a trip to Switzerland. Raimondo wanted to attend the World Economic Forum in Davos, and the University of Rhode Island Foundation offered to cover up to $10,000 of her travel costs.
During the same week of her request, when Raimondo wanted a state innovation office, another public institution’s foundation, the Rhode Island College Foundation, agreed to create it. The office’s one employee — a chief innovation officer — will make $210,000 a year and serve on the governor’s cabinet.
“It’s kind of a step out of the box in terms of the traditional ways to support a college,” said Edwin R. Pacheco, the Rhode Island College Foundation’s associate vice president for college advancement and external affairs.
To quote a famous Doonesbury cartoon: ‘That pension fund was just sitting there.’